The Daily bleeds $10 million in first quarter

News Corp’s iPad-only digital newspaper, known as The Daily, might be seen as some to be a lost cause – after all, it has already bled some $10 million during the first quarter of its earthly existence as reported by the company said on its most recent earnings call. $10 million might not seem like much for a huge organization, but it is still a substantial amount considering the staff that they have running the show for a digital newspaper.

This is pocket change compared to glossy business magazine Portfolio, where it lost 10 times the amount and shut down back in 2009 after being on the market for less than a couple of years.

Digital newspapers don’t seem to be picking up any momentum at the moment, perhaps the market knows best and still prefer the old school newspaper. Then again, traditional papers aren’t seeing rising subscription figures either, so the only conclusion that we can come across? People prefer bite-sized news delivered online across a myriad of devices such as notebooks, netbooks, PDAs, smartphones and the ilk. What do you think?